February 24, 2021
Vancouver Office MarketView Q4 2020
Market Highlights
- Metro Vancouver office vacancy increased for the third consecutive quarter to 6.2%, up 280 basis points (bps) from the 2019 year-end total
- Downtown vacancy rose by 120 bps in comparison to Q3 2020 (now 5.8%), returning to levels last seen in Q2 2017
- Vacancy in the overall suburban market surged 130 bps to 6.6% this quarter, the highest it has been since Q3 2018
- Metro Vancouver remained the tightest office market in Canada, with the lowest overall downtown vacancy rates of any North American market
- Average asking lease rates grew 10.2% year-over-year throughout the Metro Vancouver region, primarily backed by the Downtown market which holds higher averages than the suburbs
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